Myth: Nearly a third of Americans still believe the discredited “trickle-down” theory that tax cuts for the wealthy results in greater wealth for everyone.
Fact: Even David Stockman, the chief architect of trickle-down and supply-side economics admits it didn’t work.
It’s pretty universal that no one likes taxes, and everyone loves a tax cut. But many have come to believe that taxes are higher than ever–even though they’re not. Most puzzling of all, many Americans believe that tax cuts for the wealthy spur both job creation and increased tax revenues through trickle-down and supply-side economics. Yet experiences in Iowa, Louisiana, Kansas, Wisconsin, and Oklahoma have all shown the failure of supply-side and “trickle-down” theory.
What do the facts say about trickle-down economics and its effect on the middle class? Can regulation help, or is it just a burden? And where do government programs fit in?
The term “stock buybacks” refers to when public companies use their profits to purchase their own shares on the open market. This creates short-term benefits for CEOs and the company’s stock prices. The tactic was illegal until the Reagan administration wrote a rule that gives companies “safe harbor” to repurchase their own stock.read more
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